Real Estate News

The Citys real estate plan makes sense if done right

That is, a plan at City Hall to reorganize the city’s real estate holdings that could save taxpayers money by selling off unneeded buildings, consolidating scattered city departments and staff to make them more efficient, and providing more buildings for affordable housing.

That is if the plan being proposed by Mayor John Tory and council works as advertised, where the city would sell eight buildings for $420 million and use $250 million of that to modernize existing offices, resulting in a net, one-time gain for taxpayers of $170 million.

During this process, the number of city offices would be reduced from 52 to 20, decreasing the city’s overall square footage space by 25%.